Description
(I have already chose the company and got you the data of the income statement the balance sheet, the beta and risk free rate) Everything you need is in the documents I sent)
You are working at an investment bank as a financial analyst, and in your role, your manager has asked you to understand more about potential investment opportunities in a UAE company. You will select which UAE company to assess. Once you have done so, you will perform a DCF analysis of that company, so that your investment bank can better understand its valuation. You will provide a write-up of your findings to your manager. In your write-up of this company, you will do the following:
Clearly identify the company you are assessing
Perform a DCF analysis of the company, which should include
Calculating the 2018-2022 FCF
Forecasting the 2023-2028 FCF
Calculating the TV and NPV of the company
Based on your DCF analysis, determine whether or not this company is a worthwhile investment for your firm and explain your rationale
IMPORTANT NOTES:
Choose a public company traded in the stock market of the country you are residing in right now.
To assist you in selecting a company, please refer to the listed companies in the Abu Dhabi Securities Exchange (list) and the Dubai Financial Market (list). You should select a company that has at least 4 years of available data in Bloomberg (please ensure that you can find the data before selecting the company).
In your DCF analysis, to arrive at an appropriate valuation: Estimate FCF for 2022 (assume 2022 as Year 0 and include it in your valuation), project it over the next five years (2023-2028), and estimate a terminal value if you think the store will continue indefinitely (estimate a reasonable terminal growth rate).
Calculate your own WACC. Use CAPM to calculate the cost of capital. Assume a beta based on the systematic risk by looking up betas of public companies that are in the same industry and geography (Yahoo Finance shows equity betas which you will need to adjust by using Hamada’s Equation to account for the public companies’ debt; this is because you need an asset beta for your store given the assumption of no debt) or estimate your own beta using market data.
Be sure you justify the key assumptions (revenue growth rate, working capital changes, terminal growth rate etc.).
For your write-up, focus on stating and justifying your assumptions, discussing each valuation result, comparing the results across the techniques, and comparing them with recommendation(s) made by the financial analyst(s) (if available).
Your valuation techniques and estimation approach could be explained further in an Appendix.
Your models and calculations should be submitted as a google sheet. The assumptions and given values should be colored blue and your calculations should be in black. Leave the formulas and links as is. The grader should be able to follow your calculations.
You will need to attach your Bloomberg Lab data download as part of your submission.
The course-related LO’s that are #valuation (x2) and #bizstrategy (x1) will be graded based on your answers to the questions above, with each corresponding to a specific LO as described below.
In addition to this, use and tag the following GLO’s wherever appropriate: #modeling and #estimation
Be sure to follow these guidelines:
-** Do not put your name anywhere **on the assignment or on shared exhibits (Forum will track your submission). Your assignment will be graded blindly.
Be sure you submit a single PDF on Forum (do NOT submit Zip files).
Assume your audience is knowledgeable about the accounting/finance concepts we’ve covered in class and is familiar with the case facts. Don’t waste words explaining what financial concepts or terms mean from the course.
Go deep. When formulating a response, ask why. Then ask why again and justify your explanation. Back up your explanations with evidence. Integrate numbers into your arguments.
**Use no more than two significant digits **for all numbers in the text and exhibits (12%, 3.5%, or 0.46%, not .12480294). Less is more. Displaying too many digits makes numbers hard to read and actually obscures its value and intuition.
All exhibits you create yourself and referenced in your write-up must be included in the write-up itself and be properly formatted. You must also include a link to all your exhibits so that your calculations can be seen and checked (only those exhibits that appear in the write-up and are explicitly discussed will be assessed). Place your link at the very beginning of the write-up and be sure to grant your professor viewing privileges. Follow these guidelines (e.g. avoid including numbers in a calculation cell but instead, reference inputs/assumptions cells that do contain numbers; use black text for calculations and blue text for inputs).
Check your spelling and grammar. Poor writing conveys carelessness and unprofessionalism.
The course-related LO’s that are #valuation (x2) and #bizfunctions (x1) will be graded based on your answers to the 3 questions above, with each corresponding to a specific LO as described below.
In addition to this, use and tag the following GLO’s wherever appropriate: #modeling and #estimation.
Add a word count at the end of the assignment (exclude exhibits, footnotes, and the bibliography).
For assignment deadline extensions please refer to the policies section written at the end of the course syllabus.
Assignment Information
Length:
1000 to 1250 words
Weight:
15%
Learning Outcomes Added
Valuation: Calculate the value of a financial asset.
BizStrategy: Formulate and analyze business strategy.
Unformatted Attachment Preview
Emirates Integrated Telecommunications Co PJSC (DU UH) – BBG Adjuste
In Millions of AED except Per Share
FY 2017
12 Months Ending
12/31/2017
Revenue
13,004.4
+ Sales & Services Revenue
13,004.4
– Cost of Revenue
4,383.2
+ Cost of Goods & Services
4,383.2
Gross Profit
8,621.2
+ Other Operating Income
4.2
– Operating Expenses
6,968.9
+ Selling, General & Admin
1,433.1
+ Selling & Marketing
319.0
+ General & Administrative
1,114.2
+ Research & Development
0.0
+ Depreciation & Amortization
1,521.2
+ Prov For Doubtful Accts
—
+ Other Operating Expense
4,014.6
Operating Income (Loss)
1,656.5
– Non-Operating (Income) Loss
-70.9
+ Interest Expense, Net
-56.1
+ Interest Expense
108.0
– Interest Income
164.0
+ Foreign Exch (Gain) Loss
-5.3
+ (Income) Loss from Affiliates
-9.5
+ Other Non-Op (Income) Loss
0.0
Pretax Income (Loss), Adjusted
1,727.3
– Abnormal Losses (Gains)
15.6
+ Disposal of Assets
—
+ Asset Write-Down
6.6
+ Impairment of Goodwill
—
+ Impairment of Intangibles
8.9
+ Gain/Loss on Sale/Acquisition of Business
—
Pretax Income (Loss), GAAP
1,711.8
– Income Tax Expense (Benefit)
0.0
+ Current Income Tax
0.0
+ Deferred Income Tax
0.0
Income (Loss) from Cont Ops
1,711.8
– Net Extraordinary Losses (Gains)
0.0
+ Discontinued Operations
0.0
+ XO & Accounting Changes
0.0
Income (Loss) Incl. MI
1,711.8
– Minority Interest
0.0
Net Income, GAAP
1,711.8
– Preferred Dividends
0.0
FY 2018
12/31/2018
13,414.1
13,414.1
4,506.6
4,506.6
8,907.5
6.4
7,119.7
1,495.7
317.1
1,178.6
0.0
1,721.4
—
3,902.5
1,794.2
-62.1
-53.2
92.2
145.5
1.4
-10.2
0.0
1,856.3
103.3
—
61.0
—
42.3
—
1,753.0
0.0
0.0
0.0
1,753.0
0.0
0.0
0.0
1,753.0
0.0
1,753.0
0.0
FY 2019
12/31/2019
12,588.0
12,588.0
4,113.0
4,113.0
8,474.9
2.9
6,751.6
1,137.3
250.1
887.3
0.0
1,933.1
210.6
3,470.5
1,726.2
-9.6
1.3
125.4
124.1
-0.4
-10.5
0.0
1,735.8
4.8
—
4.8
—
—
—
1,731.0
0.0
0.0
0.0
1,731.0
0.0
0.0
0.0
1,731.0
0.0
1,731.0
0.0
FY 2020
12/31/2020
11,083.8
11,083.8
3,776.4
3,776.4
7,307.4
13.9
6,205.1
1,050.5
150.6
899.9
0.0
1,890.4
227.4
3,036.8
1,116.2
45.2
59.2
107.0
47.8
-1.1
-10.1
-2.8
1,071.0
-371.9
1.0
10.5
135.8
0.1
-519.4
1,442.9
0.0
0.0
0.0
1,442.9
0.0
0.0
0.0
1,442.9
0.0
1,442.9
0.0
– Other Adjustments
Net Income Avail to Common, GAAP
0.0
1,711.8
0.0
1,753.0
0.0
1,731.0
0.0
1,442.9
Net Income Avail to Common, Adj
Net Abnormal Losses (Gains)
Net Extraordinary Losses (Gains)
1,727.3
15.6
0.0
1,856.3
103.3
0.0
1,735.8
4.8
0.0
1,071.0
-371.9
0.0
Basic Weighted Avg Shares
Basic EPS, GAAP
Basic EPS from Cont Ops, GAAP
Basic EPS from Cont Ops, Adjusted
4,532.9
0.38
0.38
0.38
4,532.9
0.39
0.39
0.41
4,532.9
0.38
0.38
0.38
4,532.9
0.32
0.32
0.24
Diluted Weighted Avg Shares
Diluted EPS, GAAP
Diluted EPS from Cont Ops, GAAP
Diluted EPS from Cont Ops, Adjusted
4,532.9
0.38
0.38
0.38
4,532.9
0.39
0.39
0.41
4,532.9
0.38
0.38
0.38
4,532.9
0.32
0.32
0.24
Reference Items
Accounting Standard
EBITDA
EBITDA Margin (T12M)
EBITA
EBIT
Gross Margin
Operating Margin
Profit Margin
Dividends per Share
Total Cash Common Dividends
Personnel Expenses
Depreciation Expense
Rental Expense
Source: Bloomberg
IAS/IFRS
IAS/IFRS
IAS/IFRS
IAS/IFRS
3,177.7
3,515.6
3,659.3
3,006.6
24.44
26.21
29.07
27.13
1,794.6
2,043.6
1,952.3
1,307.7
1,656.5
1,794.2
1,726.2
1,116.2
66.29
66.40
67.33
65.93
12.74
13.38
13.71
10.07
13.28
13.84
13.79
9.66
0.35
0.35
0.34
0.28
1,586.5
1,586.5
1,541.2
1,269.2
980.3
1,018.5
934.2
979.2
1,383.1
1,472.0
1,707.0
1,698.9
—
—
—
—
Right click to show data transparency (not supported for all values)
U UH) – BBG Adjusted
FY 2021
12/31/2021
11,682.0
11,682.0
4,369.5
4,369.5
7,312.5
130.6
6,198.0
1,094.1
203.5
890.5
0.0
2,025.2
156.0
2,922.6
1,245.1
84.4
85.2
106.3
21.2
0.0
5.6
-6.4
1,160.8
60.0
0.1
55.6
—
4.3
—
1,100.7
0.0
0.0
0.0
1,100.7
0.0
0.0
0.0
1,100.7
0.0
1,100.7
0.0
FY 2022
12/31/2022
12,754.5
12,754.5
4,460.8
4,460.8
8,293.7
1.6
6,889.6
1,206.6
246.0
960.6
0.0
2,112.2
173.6
3,397.2
1,405.7
58.9
65.4
93.4
28.1
0.0
7.9
-14.4
1,346.8
127.3
1.3
124.6
—
1.3
—
1,219.6
0.0
0.0
0.0
1,219.6
0.0
0.0
0.0
1,219.6
0.0
1,219.6
0.0
FY 2023
12/31/2023
13,636.3
13,636.3
4,533.8
4,533.8
9,102.5
0.8
7,372.2
1,200.3
236.0
964.3
0.0
2,198.3
242.6
3,731.0
1,731.2
42.8
45.4
101.4
56.0
0.0
2.7
-5.3
1,688.4
20.5
—
11.7
—
8.8
—
1,667.9
0.0
0.0
0.0
1,667.9
0.0
0.0
0.0
1,667.9
0.0
1,667.9
0.0
Last 12M
12/31/2023
13,636.3
13,636.3
4,533.8
4,533.8
9,102.5
FY 2024 Est
12/31/2024
14,072.4
FY 2025 Est
12/31/2025
14,470.6
9,211.2
7,636.0
3,754.2
3,885.0
3,092.7
3,230.7
3,092.7
3,230.7
1,772.0
1,887.3
1,772.0
1,887.3
7,372.6
1,200.3
236.0
964.3
2,198.3
242.6
3,731.4
1,731.2
42.8
45.4
101.4
56.0
2.7
-5.3
1,688.4
20.5
0.0
11.7
8.8
1,667.9
0.0
0.0
0.0
1,667.9
0.0
0.0
0.0
1,667.9
0.0
1,667.9
0.0
0.0
1,100.7
0.0
1,219.6
0.0
1,667.9
0.0
1,667.9
1,160.8
60.0
0.0
1,346.8
127.3
0.0
1,688.4
20.5
0.0
1,688.4
20.5
0.0
4,532.9
0.24
0.24
0.25
4,532.9
0.27
0.27
0.30
4,532.9
0.37
0.37
0.37
4,532.9
0.24
0.24
0.25
4,532.9
0.27
0.27
0.30
IAS/IFRS
3,270.3
27.99
1,429.7
1,245.1
62.60
10.66
9.94
0.21
951.9
996.4
1,840.6
—
orted for all values)
IAS/IFRS
3,517.9
27.58
1,675.9
1,405.7
65.03
11.02
10.56
0.24
1,087.9
1,053.7
1,842.0
—
1,772.0
1,887.3
1,910.6
2,043.2
4,532.9
0.37
0.37
0.37
0.41
0.41
0.42
0.45
0.45
0.45
4,532.9
0.37
0.37
0.37
4,532.9
0.37
0.37
0.37
0.41
0.41
0.42
0.45
0.45
0.45
IAS/IFRS
3,929.5
28.82
1,951.9
1,731.2
66.75
12.70
12.38
0.34
1,541.2
1,069.6
1,977.5
—
3,929.5
28.82
1,951.9
1,731.2
66.75
12.70
12.38
0.34
1,541.2
1,069.6
1,977.5
6,045.8
42.96
6,211.6
42.93
3,754.2
65.46
26.68
13.58
0.37
3,885.0
52.77
26.85
14.12
0.40
Emirates Integrated Telecommunications Co PJSC (DU UH) – Standardized
In Millions of AED except Per Share
12 Months Ending
Cash from Operating Activities
+ Net Income
+ Depreciation & Amortization
+ Non-Cash Items
+ Stock-Based Compensation
+ Other Non-Cash Adj
+ Chg in Non-Cash Work Cap
+ (Inc) Dec in Accts Receiv
+ (Inc) Dec in Inventories
+ Inc (Dec) in Accts Payable
+ Inc (Dec) in Other
+ Net Cash From Disc Ops
Cash from Operating Activities
FY 2015
12/31/2015
FY 2016
12/31/2016
FY 2017
12/31/2017
FY 2018
12/31/2018
1,941.4
1,556.9
424.6
0.0
424.6
117.2
236.3
66.9
-186.0
0.0
0.0
4,040.0
1,752.6
1,527.6
217.2
—
217.2
-75.8
-602.6
43.7
483.1
0.0
0.0
3,421.6
1,711.8
1,521.2
284.5
—
284.5
-420.1
—
-59.8
—
-360.3
0.0
3,097.4
1,753.0
1,721.4
329.8
—
329.8
-665.6
—
-29.9
—
-635.6
0.0
3,138.7
Cash from Investing Activities
+ Change in Fixed & Intang
+ Disp in Fixed & Intang
+ Disp of Fixed Prod Assets
+ Disp of Intangible Assets
+ Acq of Fixed & Intang
+ Acq of Fixed Prod Assets
+ Acq of Intangible Assets
+ Net Change in LT Investment
+ Dec in LT Investment
+ Inc in LT Investment
+ Net Cash From Acq & Div
+ Cash from Divestitures
+ Cash for Acq of Subs
+ Cash for JVs
+ Other Investing Activities
+ Net Cash From Disc Ops
Cash from Investing Activities
-1,769.9
0.0
0.0
0.0
-1,769.9
-1,631.2
-138.7
0.0
0.0
0.0
-73.6
0.0
0.0
-73.6
-356.1
0.0
-2,199.6
-1,756.8
0.0
0.0
0.0
-1,756.8
-1,580.8
-176.0
-18.4
0.0
-18.4
0.0
0.0
0.0
0.0
47.4
0.0
-1,727.8
-1,678.7
0.0
0.0
0.0
-1,678.7
-1,480.7
-198.0
0.0
0.0
0.0
-18.7
0.0
0.0
-18.7
1,072.7
0.0
-624.6
-1,060.3
0.0
0.0
0.0
-1,060.3
-818.0
-242.3
0.0
0.0
0.0
-35.9
0.0
0.0
-35.9
1,082.7
0.0
-13.5
Cash from Financing Activities
+ Dividends Paid
+ Cash From (Repayment) Debt
+ Cash From (Repay) ST Debt
+ Cash From LT Debt
+ Repayments of LT Debt
+ Cash (Repurchase) of Equity
+ Increase in Capital Stock
-1,965.7
60.9
0.0
282.1
-221.2
0.0
0.0
-1,508.6
-111.6
0.0
50.2
-161.8
0.0
0.0
-1,541.2
-762.2
0.0
21.3
-783.5
0.0
0.0
-1,586.5
-1,440.0
0.0
21.3
-1,461.3
0.0
0.0
+ Decrease in Capital Stock
+ Other Financing Activities
+ Net Cash From Disc Ops
Cash from Financing Activities
0.0
38.9
0.0
-1,866.0
0.0
0.0
0.0
-1,620.2
0.0
0.0
0.0
-2,303.4
0.0
0.0
0.0
-3,026.5
0.0
0.0
0.0
0.0
Net Changes in Cash
-25.6
73.6
169.4
98.6
Cash Paid for Interest
121.2
111.1
94.3
85.7
Effect of Foreign Exchange Rates
Reference Items
EBITDA
Trailing 12M EBITDA Margin
Interest Received
Free Cash Flow
Free Cash Flow to Firm
Free Cash Flow to Equity
Free Cash Flow per Basic Share
Price to Free Cash Flow
Cash Flow to Net Income
Source: Bloomberg
5,419.2
5,363.4
3,162.1
3,412.3
43.93
42.14
24.32
25.44
79.8
73.1
182.3
165.8
2,408.8
1,840.8
1,616.6
2,320.7
2,523.8
1,954.9
1,724.6
2,412.9
2,469.7
1,729.1
854.4
880.7
0.53
0.40
0.36
0.51
9.68
15.38
14.30
9.82
2.08
1.95
1.81
1.79
Right click to show data transparency (not supported for all values)
U UH) – Standardized
FY 2019
12/31/2019
FY 2020
12/31/2020
FY 2021
12/31/2021
FY 2022
12/31/2022
FY 2023
12/31/2023
Last 12M
12/31/2023
1,731.0
1,933.1
-1,814.1
—
-1,814.1
1,463.2
—
17.5
—
1,445.6
0.0
3,313.1
1,442.9
1,890.4
-1,994.9
—
-1,994.9
1,425.2
—
45.2
—
1,380.0
0.0
2,763.6
1,100.7
2,025.2
-1,337.2
—
-1,337.2
1,184.8
—
11.6
—
1,173.2
0.0
2,973.5
1,219.6
2,112.2
-1,210.7
—
-1,210.7
1,452.7
—
-31.4
—
1,484.1
0.0
3,573.8
1,667.9
2,198.3
-1,418.4
—
-1,418.4
1,942.7
—
-5.5
—
1,948.1
0.0
4,390.4
1,667.9
2,198.3
-1,418.4
-1,351.3
0.0
0.0
0.0
-1,351.3
-1,186.6
-164.6
0.0
0.0
0.0
-70.3
0.0
0.0
-70.3
1,052.7
0.0
-368.9
-2,008.9
0.1
0.1
0.0
-2,009.0
-1,834.6
-174.4
0.0
0.0
0.0
769.0
0.0
0.0
769.0
920.9
0.0
-319.0
-1,997.3
0.8
0.8
0.0
-1,998.2
-1,869.1
-129.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
655.0
0.0
-1,342.3
-2,564.2
0.4
—
—
-2,564.6
-2,288.1
-276.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
700.2
0.0
-1,864.1
-2,226.9
0.7
0.7
0.0
-2,227.6
-1,899.9
-327.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-652.3
0.0
-2,879.2
-2,226.9
0.7
0.7
0.0
-2,227.6
-1,899.9
-327.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-652.3
0.0
-2,879.2
-1,586.5
-1,589.8
0.0
0.0
-1,589.8
0.0
0.0
-1,541.2
-957.2
0.0
0.0
-957.2
0.0
0.0
-1,133.2
-70.0
181.9
0.0
-251.9
0.0
0.0
-997.2
-482.6
0.0
—
-482.6
0.0
0.0
-1,178.6
-593.7
0.0
0.0
-593.7
0.0
0.0
-1,178.6
-593.7
0.0
0.0
-593.7
0.0
0.0
-1,418.4
1,942.7
-5.5
1,948.1
0.0
4,390.4
orted for all values)
0.0
0.0
0.0
-3,176.3
0.0
0.0
0.0
-2,498.4
0.0
0.0
0.0
-1,203.2
0.0
0.0
0.0
-1,479.9
0.0
0.0
0.0
-1,772.2
0.0
0.0
0.0
-1,772.2
0.0
0.0
0.0
0.0
0.0
0.0
-232.0
-53.8
428.0
229.9
-261.0
-261.0
116.4
89.9
89.7
74.1
80.0
80.0
3,654.5
29.03
157.5
2,126.5
2,251.8
536.7
0.47
11.77
1.91
2,995.0
27.02
116.5
929.0
1,036.0
-28.1
0.21
28.06
1.92
3,210.3
27.48
32.1
1,104.4
1,210.8
1,035.3
0.24
27.17
2.70
3,399.2
26.65
25.1
1,285.7
1,379.1
803.5
0.28
20.45
2.93
3,909.0
28.67
45.0
2,490.5
2,592.0
1,897.5
0.55
9.45
2.63
3,909.0
28.67
45.0
2,490.5
2,592.0
1,897.5
0.55
10.48
4.72
Emirates Integrated Telecommunications Co PJSC (DU UH) – Standardized
In Millions of AED except Per Share
12 Months Ending
Total Assets
+ Cash, Cash Equivalents & STI
+ Cash & Cash Equivalents
+ ST Investments
+ Accounts & Notes Receiv
+ Accounts Receivable, Net
+ Notes Receivable, Net
+ Unbilled Revenues
+ Inventories
+ Raw Materials
+ Work In Process
+ Finished Goods
+ Other Inventory
+ Other ST Assets
+ Prepaid Expenses
+ Derivative & Hedging Assets
+ Misc ST Assets
Total Current Assets
+ Property, Plant & Equip, Net
+ Property, Plant & Equip
– Accumulated Depreciation
+ LT Investments & Receivables
+ LT Investments
+ LT Marketable Securities
+ LT Receivables
+ Other LT Assets
+ Total Intangible Assets
+ Goodwill
+ Other Intangible Assets
+ Derivative & Hedging Assets
+ Investments in Affiliates
+ Misc LT Assets
Total Noncurrent Assets
Total Assets
Liabilities & Shareholders’ Equity
+ Payables & Accruals
+ Accounts Payable
+ Accrued Taxes
+ Other Payables & Accruals
+ ST Debt
FY 2014
12/31/2014
FY 2015
12/31/2015
FY 2016
12/31/2016
FY 2017
12/31/2017
6,032.7
192.7
5,840.0
689.9
689.9
0.0
536.8
150.2
—
—
—
—
949.3
183.5
0.0
765.8
8,358.9
8,202.4
13,776.9
5,574.5
0.0
—
—
—
1,316.8
1,208.9
549.1
659.9
0.0
107.9
0.0
9,519.2
17,878.1
6,363.3
163.3
6,200.0
582.7
582.7
0.0
423.6
83.2
—
—
—
—
839.2
242.4
0.0
596.7
8,292.0
8,333.5
15,097.2
6,763.7
0.0
—
—
—
1,314.9
1,201.0
549.1
651.9
3.0
110.9
0.0
9,648.3
17,940.4
6,389.5
239.5
6,150.0
869.1
869.1
0.0
600.0
39.6
—
—
—
—
719.6
228.2
0.0
491.3
8,617.7
8,449.2
16,525.7
8,076.5
50.7
18.4
—
32.4
1,293.7
1,173.5
549.1
624.4
6.3
113.9
0.0
9,793.6
18,411.4
5,486.1
461.1
5,025.0
1,112.9
1,112.9
0.0
447.5
99.4
—
—
—
—
774.4
245.1
0.0
529.4
7,920.3
8,520.9
17,953.6
9,432.7
18.4
0.0
18.4
—
1,371.9
1,130.3
549.1
581.3
13.6
142.1
85.9
9,911.1
17,831.4
4,627.8
2,748.7
—
1,879.1
574.5
4,647.6
2,502.5
—
2,145.1
133.7
5,061.1
2,756.6
—
2,304.5
783.5
5,214.8
2,075.2
0.0
3,139.5
1,461.3
+ ST Borrowings
+ ST Lease Liabilities
+ ST Finance Leases
+ Current Portion of LT Debt
+ Other ST Liabilities
+ Deferred Revenue
+ Derivatives & Hedging
+ Misc ST Liabilities
Total Current Liabilities
+ LT Debt
+ LT Borrowings
+ LT Lease Liabilities
+ LT Finance Leases
+ Other LT Liabilities
+ Accrued Liabilities
+ Pension Liabilities
+ Deferred Revenue
+ Derivatives & Hedging
+ Misc LT Liabilities
Total Noncurrent Liabilities
Total Liabilities
+ Preferred Equity and Hybrid Capital
+ Share Capital & APIC
+ Common Stock
+ Additional Paid in Capital
– Treasury Stock
+ Retained Earnings
+ Other Equity
Equity Before Minority Interest
+ Minority/Non Controlling Interest
Total Equity
Total Liabilities & Equity
0.0
0.0
0.0
574.5
702.3
573.2
0.0
129.0
5,904.5
3,856.1
3,856.1
0.0
0.0
278.7
0.0
165.4
0.0
0.0
113.3
4,134.8
10,039.4
0.0
4,964.9
4,571.4
393.5
0.0
1,080.8
1,793.0
7,838.7
0.0
7,838.7
17,878.1
0.0
0.0
0.0
133.7
707.4
545.8
0.0
161.7
5,488.7
4,357.8
4,357.8
0.0
0.0
275.2
0.0
186.9
0.0
0.0
88.3
4,633.0
10,121.7
0.0
4,964.9
4,571.4
393.5
0.0
865.9
1,987.8
7,818.7
0.0
7,818.7
17,940.4
0.0
0.0
0.0
783.5
789.9
638.6
0.0
151.3
6,634.4
3,596.4
3,596.4
0.0
0.0
327.6
0.0
225.6
0.0
0.0
102.0
3,924.0
10,558.4
0.0
4,964.9
4,571.4
393.5
199.7
885.0
2,202.7
7,852.9
0.0
7,852.9
18,411.4
0.0
0.0
0.0
1,461.3
489.1
468.8
0.0
20.3
7,165.2
2,156.3
2,156.3
0.0
0.0
472.0
0.0
236.1
125.0
0.0
110.9
2,628.3
9,793.5
0.0
4,765.2
4,532.9
232.3
0.0
846.1
2,426.6
8,037.9
0.0
8,037.9
17,831.4
Reference Items
Accounting Standard
Shares Outstanding
Number of Treasury Shares
Pension Obligations
Future Minimum Operating Lease Obligations
Capital Leases – Total
Options Granted During Period
Options Outstanding at Period End
Net Debt
Net Debt to Equity
Tangible Common Equity Ratio
Current Ratio
Cash Conversion Cycle
IAS/IFRS
4,571.4
0.0
165.4
946.0
0.0
0.0
0.0
-1,602.1
-20.44
39.77
1.42
-208.97
IAS/IFRS
4,571.4
0.0
186.9
1,138.4
0.0
0.0
0.0
-1,871.8
-23.94
39.53
1.51
-234.60
IAS/IFRS
4,571.4
38.5
225.6
1,366.3
0.0
0.0
0.0
-2,009.7
-25.59
38.75
1.30
-208.58
IAS/IFRS
4,532.9
0.0
236.1
1,705.4
0.0
0.0
0.0
-1,886.8
-23.47
41.36
1.11
-164.87
Source: Bloomberg
Right click to show data transparency (not supported for all values)
U UH) – Standardized
FY 2018
12/31/2018
FY 2019
12/31/2019
FY 2020
12/31/2020
FY 2021
12/31/2021
FY 2022
12/31/2022
FY 2023
12/31/2023
4,502.1
502.1
4,000.0
1,287.3
1,287.3
0.0
508.3
129.3
—
—
—
—
749.5
176.7
0.0
572.8
7,176.5
7,811.5
18,146.8
10,335.3
18.4
0.0
18.4
—
1,498.7
1,102.9
549.1
553.8
11.0
188.2
196.7
9,328.6
16,505.1
3,217.4
268.7
2,948.7
1,278.9
1,278.9
0.0
473.2
111.8
—
—
—
—
757.2
95.4
0.5
661.3
5,838.5
9,440.8
21,441.2
12,000.4
18.4
—
18.4
—
1,529.4
1,051.4
549.1
502.4
0.0
268.9
209.0
10,988.5
16,827.0
2,242.7
213.4
2,029.3
1,133.4
1,115.2
18.2
454.1
61.5
—
—
—
—
751.1
124.7
0.0
626.4
4,642.8
9,914.9
23,416.4
13,501.6
168.3
—
18.4
150.0
1,141.3
900.2
413.2
487.0
0.0
29.8
211.2
11,224.4
15,867.2
2,015.6
641.4
1,374.2
1,205.0
1,188.6
16.4
462.8
58.5
—
—
—
—
821.6
147.6
0.0
674.0
4,563.5
10,717.8
25,742.6
15,024.7
157.8
—
18.4
139.4
1,240.2
859.2
413.2
446.0
0.0
24.3
356.7
12,115.8
16,679.3
1,545.7
871.1
674.6
1,042.6
1,025.4
17.2
773.6
95.2
0.0
0.0
110.3
-15.1
733.1
149.8
0.0
583.3
4,190.3
10,841.5
27,364.3
16,522.8
129.6
—
4.5
125.1
1,408.3
962.2
413.2
549.0
0.0
7.9
438.2
12,379.4
16,569.7
1,936.6
610.0
1,326.6
1,318.4
1,300.3
18.1
805.6
101.7
0.0
0.0
115.8
-14.1
513.4
131.5
0.0
381.9
4,675.8
11,319.9
29,554.8
18,234.9
112.6
—
2.9
109.6
1,595.5
1,110.8
413.2
697.5
0.0
5.1
479.6
13,028.0
17,703.7
4,802.7
1,707.9
26.4
3,068.4
1,461.3
3,767.2
1,675.2
9.0
2,083.0
1,176.3
3,996.9
1,438.2
4.8
2,553.9
616.9
4,599.6
2,259.7
20.6
2,319.3
871.5
4,648.6
2,087.3
24.8
2,536.5
738.0
5,253.4
2,135.4
24.7
3,093.3
649.6
0.0
0.0
0.0
1,461.3
454.0
444.1
0.0
9.8
6,718.0
716.3
716.3
0.0
0.0
559.0
0.0
252.6
190.6
0.0
115.8
1,275.3
7,993.3
0.0
4,765.2
4,532.9
232.3
0.0
2,144.5
1,602.0
8,511.7
0.0
8,511.7
16,505.1
0.0
460.0
—
716.3
1,216.2
377.0
0.0
839.2
6,159.8
1,396.8
0.0
1,396.8
—
621.7
0.0
258.7
193.1
0.0
169.8
2,018.5
8,178.2
0.0
4,765.2
4,532.9
232.3
0.0
2,118.9
1,764.6
8,648.8
0.0
8,648.8
16,827.0
0.0
616.9
—
0.0
358.5
358.5
0.0
0.0
4,972.3
1,691.7
0.0
1,691.7
—
633.8
0.0
254.0
195.1
0.0
184.6
2,325.5
7,297.8
0.0
4,765.2
4,532.9
232.3
0.0
1,895.8
1,908.4
8,569.4
0.0
8,569.4
15,867.2
200.0
671.5
—
—
438.7
438.7
0.0
0.0
5,909.9
1,553.5
0.0
1,553.5
—
684.1
0.0
238.4
247.1
0.0
198.6
2,237.6
8,147.5
0.0
4,765.2
4,532.9
232.3
0.0
1,748.2
2,018.5
8,531.9
0.0
8,531.9
16,679.3
0.0
738.0
—
—
467.5
467.5
0.0
0.0
5,854.1
1,321.3
0.0
1,321.3
—
624.2
0.0
197.2
218.2
0.0
208.8
1,945.4
7,799.5
0.0
4,765.2
4,532.9
232.3
0.0
1,878.3
2,126.6
8,770.2
0.0
8,770.2
16,569.7
0.0
649.6
—
—
465.7
465.7
0.0
0.0
6,368.6
1,455.4
0.0
1,455.4
—
636.5
0.0
208.5
217.3
0.0
210.8
2,091.9
8,460.5
0.0
4,765.2
4,532.9
232.3
0.0
2,226.9
2,251.0
9,243.2
0.0
9,243.2
17,703.7
IAS/IFRS
4,532.9
0.0
252.6
1,571.4
0.0
0.0
0.0
-2,342.8
-27.52
48.10
1.07
-110.28
IAS/IFRS
4,532.9
0.0
258.7
—
—
0.0
0.0
-662.6
-7.66
48.16
0.95
-102.85
IAS/IFRS
4,532.9
0.0
254.0
—
—
0.0
0.0
47.6
0.55
51.24
0.93
-104.68
IAS/IFRS
4,532.9
0.0
238.4
—
—
0.0
0.0
391.0
4.58
48.50
0.77
-113.02
IAS/IFRS
4,532.9
0.0
197.2
—
—
0.0
0.0
509.0
5.80
50.03
0.72
-137.94
IAS/IFRS
4,532.9
0.0
208.5
—
—
0.0
0.0
165.4
1.79
49.01
0.73
-130.21
orted for all values)
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